TSX-VENTURE: SBX
VANCOUVER, July 26 /PRNewswire-FirstCall/ - Sea Breeze Power
Corp. is pleased to announce that an agreement (the "Transaction
Agreement") has been executed by Sea Breeze Energy Inc. ("Sea
Breeze Energy" - a wholly owned subsidiary of Sea Breeze Power
Corp.) with International Power Canada, Inc. for the development of
"Phase 1" (99 MW) of the Knob Hill Wind Farm (the "Project"). Under
the terms of the Transaction Agreement, International Power Canada,
Inc. will become the majority owner of Phase 1 of the Knob Hill
Wind Farm development. Specific terms of the Transaction Agreement
remain confidential at this time. Additional information will be
released at a later date.
The Knob Hill Wind Farm is located 35 km northwest of
Port Hardy on northern Vancouver
Island, within the traditional territories of the Quatsino, Tlatlasikwala, and Kwakiutl First
Nations. Phase 1 of the Project is projected to generate sufficient
renewable power to provide for the annual electricity needs of
approximately 100,000 British Columbians.
On March 31, 2010, the Project was
offered a 20 year "Electricity Purchase Agreement" ("EPA") by
British Columbia Hydro and Power Authority ("BC Hydro" - an
electric utility wholly owned by the Province of British Columbia) with respect to the energy
output of 99 MW of new wind generation. Construction on Knob Hill
Wind Farm's Phase 1 is expected to begin in 2011, with a target
date for delivery of electric power in late 2012.
The Transaction Agreement with International Power Canada, Inc.
provides an option for Sea Breeze
and the three First Nations to purchase equity positions in the
project. Sea Breeze would also
receive a developer's fee and an ongoing revenue royalty for the
duration of the EPA. An Impact Benefits Agreement with the three
First Nations is progressing through negotiation.
"We are extremely pleased that International Power Canada, Inc.
has chosen to invest in the Knob Hill Wind Farm," said Paul Manson, President and CEO of Sea Breeze. "The wind industry is a rapidly
growing business globally. We see this as a very positive vote of
confidence by one of the world's leading power generation companies
for the future of British
Columbia's renewable energy industry."
The Project has received strong support from the Quatsino, Tlatlasikwala, and Kwakiutl First
Nations as well as the communities of Port Hardy, Port
McNeill, and the Regional District of Mount Waddington.
The Knob Hill Wind Farm was the first wind project to receive an
Environmental Assessment Certificate within British Columbia. Upon completion of
construction, it will be the first operating power generation
facility initiated by Sea Breeze,
whose development team is presently investigating an additional
180,000 hectares for wind power development throughout British Columbia.
About International Power Canada Inc.
International Power Canada, Inc. (formerly AIM PowerGen
Corporation) is a wind power developer, owner and operator based in
Toronto, Ontario. International
Power Canada, Inc. is a wholly owned subsidiary of International
Power PLC, a leading independent electricity generating company
with 32,398 MW gross (20,711 MW net) in operation and 4,527 MW
gross (1,412 MW net) under construction. International Power is
listed on the London Stock Exchange with ticker symbol "IPR".
Company website: www.ipplc.com
About Sea Breeze Power Corp.
Sea Breeze Power Corp. is a Vancouver,
Canada based renewable energy company focused on unlocking
British Columbia's vast but
'stranded' renewable energy potential. Sea Breeze is presently engaged in the
development of utility-scale wind farms and 'run-of-river'
hydroelectric projects. Company website: www.seabreezepower.com
Through a joint venture partnership with Boundless Energy, LLC,
Sea Breeze is also involved in
development of large-scale, state-of-the-art and
environmentally-friendly electricity transmission projects,
including the fully permitted 550 MW international "Juan de Fuca
Cable", planned to interconnect Victoria,
British Columbia with Port
Angeles, Washington.
ON BEHALF OF THE BOARD OF DIRECTORS
"Paul B. Manson"
----------------
PAUL B. MANSON,
President & CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Sea Breeze Power Corp.